Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

12.Net Income (Loss) Per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net income (loss) per common share is computed by dividing the net income (loss) by the sum of the weighted-average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. For periods that the Company was in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common securities outstanding would have been anti-dilutive. The following is a calculation of the basic and diluted net income per share (in thousands, except share and per share data):

	Year ended December 31,
	2022		2021		2020
Net income (loss), basic and diluted	$	515,837	$	528,584	$	(298,665	)
Weighted-average shares outstanding, basic		132,606,767		129,884,967		119,159,424
Weighted-average effect of dilutive securities:
Options to purchase common stock		2,130,212		3,513,438		—
Restricted shares subject to future vesting		73,851		35,488		—
Shares to purchase under Employee Stock Purchase Plan		78		—		—
Contingently issuable shares		—		3,233		—
Weighted-average shares outstanding, diluted		134,810,908		133,437,126		119,159,424
Net income (loss) per share, basic	$	3.89	$	4.07	$	(2.51	)
Net income (loss) per share, diluted	$	3.83	$	3.96	$	(2.51	)

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	As of December 31,
	2022		2021		2020
Options issued and outstanding		8,853,734		5,764,308		9,798,282
Restricted shares subject to future vesting		2,646,748		1,088,304		89,261
Warrants to purchase common stock		—		—		—
Total		11,500,482		6,852,612		9,887,543